Daytona Beach is a major city in Florida, in the Deltona-Daytona Beach-Ormond Beach Metropolitan Area. As is evident from the name, Daytona Beach has extensive stretches of beach famous for their hard packed sands, allowing motorized vehicles to drive across them.
For the very same reason, this city is also referred to as the “Mecca of Motorsports”. If you are looking to move to Daytona Beach, read on to learn more about the city and its real estate trends.
More about Daytona Beach:
- Also known as “The Spring Break Capital of the World”, and “The World’s Most Famous Beach”.
- The Halifax River lagoon splits the city of Daytona Beach into two.
- The city has a humid subtropical climate and sees two major seasons like much of Florida: the warmer and wetter season, and the cooler and drier season. Rains are common during July through September.
- Although Daytona Beach is mostly safer from cyclones and tornadoes than regions in Southern Florida, it does occasionally face the wrath of nature. The year 2004 was the most active year for hurricanes in the last 50 years in the city. There has however been a rogue wave attack on the beaches of Daytona Beach in 1992, causing a number of accidents and casualties.
- It has 23 miles of white sandy beaches that are great to drive on. Residents of the city can also take their cars out on the hard packed sands even in daylight hours. These beaches are open to pedestrians throughout the day.
- Daytona Beach has more than ten waterfront parks and several golf courses.
- It is the headquarters to NASCAR (National Association for Stock Car Auto Racing), IMSA (International Motor Sports Association), and International Speedway Corporation in Florida.
- The city has a fairly good number of educational institutions and medical care organizations. It also has a good transportation network.
Real Estate Statistics and Trends in Daytona Beach:
- The Daytona Beach housing market is one of the most affordable in the country. This can be attributed to the local distressed market. The rate of foreclosures presently is 14% higher than the previous year.
- The median sales price for real estate properties is $141,000.
- The price per square foot is $127, which rose from $113 over the past one year.
- The median rent per month in Daytona Beach is $1,350.
- The rate of appreciation for real estate in Daytona Beach has slowed down over the years, but is improving with the current times.
- Properties that have been purchased in Daytona Beach one year ago have seen an appreciation in the housing market by $4,967 on average, compared to the national average of $14,170 over the same period; while those properties that were purchased in the city three years ago have appreciated by $37,194 on an average, compared to the national average of $53,857 over the same period.
- The housing market in Daytona Beach is assumed to be steady and not depreciate in the future.
Thus it is a good idea to invest in the real estate market in Daytona Beach in the current scenario. Choosing to purchase a home is a better idea than renting a place given the housing trends in Daytona Beach.